Dubai Land Department & Mashreq Bank Introduces Blockchain-Based Mortgage Platform
The Dubai Land Department (DLD), the Executive Council of Dubai’s real estate subsidiary, has collaborated with UAE-based Mashreq Bank to launch a blockchain-powered mortgage platform.
The blockchain-powered platform will function as a database for mortgage documents and also a means of confirming that the mortgages meet with the rules of registration.
In addition, the platform will allow continuous improvements following an asset sale such as storing liquidation and default payments or mortgage modifications.
The new blockchain platform is part of the DLD’s efforts to streamline their services.
According to the report, Sultan Butti Bin Mejren, DLD Director General said:
“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”
In 2018, the DLD allegedly introduced another blockchain-based model, the Real Estate Self Transaction platform, which is supposedly intended to digitize paper transaction records and simplify the brokerage method, including linking dwellers and landlords to those issuing bill for utility services.
It can be recalled that Smart Dubai, the government’s innovation arm, has openly supported a blockchain platform unveiled by Du, a telecom enterprise. Notably, the blockchain-platform-as – a-service (BPaas) enables running cloud-based confidential blockchain that is consistent with Ethereum and Hyperledger Fabric.